Real Estate Market Slowed Slightly in May

The percentage of homes that went under contract within two weeks decreased from 33.2 percent in April to 31.9 percent in May. This is likely thanks to increased selection for buyers, as May was the second consecutive month of increases in listing inventory. The 1.3 percentage point decrease was the biggest drop since December. Although the market slowed ever so slightly, May was still one of the fastest markets in years.

“During my clients’ 45-minute drive to meet me for a home tour in West Palm Beach, all three homes they were scheduled to see went under contract,” Redfin Agent Robyn Jackson explained about a home tour that took place on a Monday in late May. “But at the same time, they got a Redfin Instant Update on their phone, alerting them of a brand new listing that met their criteria, and they used Redfin’s mobile tour scheduling tool to add the home to their tour. We met at the home, and they decided to write an offer, which I submitted later that evening. The next morning they were under contract on their new home!”

Redfin Speed Report

For the full report including data tables and charts, visit the Real-Time Fastest Markets in Redfin’s Research Center.

Discussion

  • allaboutappraisals.com

    I think now that interest sates are on their way up, we will see buyers still on the fence jump into the market. That should lead to short term appreciation in prices. What follows, though, I hope is not another bubble though.